A new JobStreet study just revealed that 2023 will remain the jobseekers’ market in Asia! Here is what you need to know.
New JobStreet Study : 2023 Remains Jobseekers’ Market In Asia!
On 1 March 2023, SEEK, the parent company of JobStreet and JobsDB – Asia’s leading online employment marketplaces, released a new study on the jobseekers’ market in Southeast Asia and Hong Kong, together with the Boston Consulting Group (BCG) and The Network, a global alliance of recruitment websites.
The study, which surveyed 97,324 respondents in Malaysia, Indonesia, Hong Kong, the Philippines, Singapore and Thailand, delivered these key findings:
- 34% of talents are actively looking for a new job
- their top 3 motivations for seeking for a new job are:
– 49% are looking for a more interesting position, or higher seniority
– 30% feel they lack opportunities for upward career progress
– 27% are unsatisfied with their current salary and benefits
- 54% are not actively looking for a job, but would consider a job opportunity with better financial compensation
- 74% of talents in the region are approached multiple times per year for new job opportunities
- 36% of talents are approached about new job opportunities every month
- 70% of talents believe they have strong negotiation power
- IT talents are the most coveted in Malaysia, Indonesia, Hong Kong, the Philippines and Singapore, being frequently approached with job opportunities
You can download the full report here.
Despite the waves of layoffs by tech companies in the region and around the world, the demand for tech talent still remains based on the reports’ findings. This is consistent with SEEK’s observation of a 29% YoY (2021 vs 2022) increase in job ads for tech roles in the region, based on data from our JobStreet and JobsDB platforms.
– Peter Bithos, CEO of SEEK Asia
2023 JobStreet Study Findings : Top Talent Priorities
The 2023 study by JobStreet parent company, SEEK and the Boston Consulting Group, also gave us a look at what are the top priorities for talents in the Southeast Asia and Hong Kong region:
Most respondents (71%) desire, above all, a stable job with a good work-life balance. This preference is dominant across job roles, countries, and age groups.
- 22% say that unattractive financial compensation is a deal breaker
- 17% say that poor work-life balance is a deal breaker
- amount of time off, and job security tie as deal breakers in third place
People’s expectations towards work have changed radically in the past few years. Most jobseekers don’t want to live to work anymore – they want to work to live. Employers must understand that while a high salary may be a way to raise the attention of in-demand talent, money is not enough to retain them on the long run. A culture that supports work-life balance, allows for flexibility, and emphasises good workplace relationships is equally important.
– Sagar Goel, Partner and Associate Director at Boston Consulting Group (BCG)
Jobseekers are also interested in a better recruiting process:
- 67% want a smooth and timely process, as 49% will refuse even an attractive job offer if they face a negative experience
- recruitment platforms like JobStreet and JobsDB are the top channel used when applying for a job.
- Advanced digital tools are not favoured, even among the young generation. Many prefer personal interactions during the recruitment process – only 24% were comfortable participating in an AI-led automated interview.
2023 JobStreet Study Findings : The Malaysian Context
The study also looked at the Malaysian context for jobseekers in 2023:
- Malaysia’s labour market remains positive, with 30.9K new jobs
- Talents in Malaysia have lower job opportunities than the global average. However, 69% of respondents feel they have a strong negotiation power over employers.
- 1 in 3 employees are willing to try different careers by reselling to new professions – this is approximately 5% higher than the regional average
- top 3 more coveted talents in Malaysia (based on the percentage of respondents who are approached most frequently with job opportunities) are:
– Information Technology
– Digitisation, data science, and artificial intelligence
– Education, such as teachers and trainers
- 61% of Malaysians expressed their preference for hybrid working models, which is 7% higher than the global average.
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